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Canadians are strongly against the idea of their central bank exploring and introducing a digital version of their currency, known as the digital loonie. A recent survey conducted by the Bank of Canada revealed that the majority of citizens and stakeholders have concerns about the potential violation of their financial privacy and prefer existing payment methods over a digital currency.The survey, which was open to all Canadians between May 8 and June 19, 2023, received a total of 89,424 responses from individuals across different provinces and income levels. The report highlighted that an overwhelming 85% of respondents stated that they would not use a digital Canadian dollar. Additionally, 92% expressed a preference for sticking to traditional payment options such as cash or cards.Interestingly, the preference for existing payment methods was not solely influenced by experience with cryptocurrencies. Only 14% of respondents who already hold cryptocurrencies indicated a preference for a digital dollar over alternative schemes.The survey also revealed concerns among respondents regarding the potential control the government would have with a central bank digital currency (CBDC). 19% of participants believed that a CBDC would grant the government “too much control.” Privacy was another significant concern, with 15% of respondents fearing that their privacy would be compromised with the introduction of a digital currency. Another 15% expressed worries about a “loss of individual choice” with a CBDC.Furthermore, the survey indicated that many respondents believed the government was attempting to phase out cash, with 86% calling for legislation to ensure that merchants continue accepting cash as a payment option. Despite previous research showing a decline in cash usage, physical currency remained the preferred method of payment among the survey participants due to its anonymity, safety, and widespread acceptance.Trust in the central bank, government, and financial institutions was notably low among respondents. Only 18% expressed trust in the central bank to follow a strict and transparent process when accessing identity-related information on digital transactions. Trust in the government of Canada and financial institutions stood at 12% and 27%, respectively.Despite the reservations expressed by respondents, 78% of them believed that the Bank of Canada would not consider public feedback as it develops a CBDC. However, the central bank has responded to the consultation by setting new development goals aimed at addressing the concerns raised by critics. The Bank of Canada stated that it will explore options for a digital dollar that would not require Canadians to have identification, a bank account, or disclose private information for basic financial transactions.It is worth noting that the leader of Canada’s Conservative Party has pledged to ban CBDCs if elected as prime minister, echoing the sentiment of several Republican lawmakers in the United States.Overall, the survey results indicate a strong opposition among Canadians to the central bank’s exploration of a digital loonie. Concerns about privacy, government control, and the potential loss of individual choice have contributed to the preference for existing payment methods and the desire to maintain the acceptance of cash as a payment option.